Understanding (and loving) Manhattan
Before you come to love Manhattan, you must understand our peculiar housing market. Manhattan is a unique place in the real estate universe. Not only does it have a large rental market (75% of the available housing units vs. about 5 - 10% in other markets), but it has ownership and other important differences that are often puzzling to newcomers.
Showings normally 9 - 5 p.m.
Most co-ops have restrictions on showing times that vary widely, but must be adhered to. Some buildings do not even allow weekend showings.
Sunday Open Houses are the way to go
Condos and some co-ops will allow public open houses on Sunday afternoons. That means that Sundays can be a good day to see a lot of properties, but make sure you have your agent's card with you so that you can tell the agent holding the open house that you are working with a Coldwell Banker Hunt Kennedy agent already and that they sent you to this open house. In this way you will avoid conflicts between your assigned agent and the listing agent for the property you are seeing.
Co-op ownership requires submitting a comprehensive Board application (called a Board Package), being interviewed by the Board, and being approved.
Co-op ownership means that you must decide not only whether you like the apartment, but also the building must decide if they will be willing to accept you. Passing a co-op board adds at least 6 - 8 weeks to the purchase price. A major part of our job is helping customers prepare their packages.
Don't wear heels and leave the car at home
Shopping for a New York apartment is good exercise, so wear comfortable shoes and learn about the neighborhood at the same time. Taxis are hailed for longer destinations.
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